The crypto market is barely swinging upward in October 2022 and Bitcoin, Ethereum and the rest of the cryptos are in the red. October was usually named ‘Uptober’ as BTC and ETH usually rallied this month generating good returns for investors. However, ‘Uptober’ is non-existent in 2022 as leading cryptos are moving backward than forward. The markets are spiraling down for 10 months straight and the majority of investors are currently underwater.
Also Read: 3 Cryptos Showing Signs of Accumulation In October 2022
Is October 2022 The Right Time To Invest In Bitcoin & Cryptos?
Bitcoin is hovering around the $19,100 mark on Wednesday and briefly slipped toward $18,900 in the day’s trade. Ethereum is also at the $1,200 level and both the leading cryptos are being rejected at $21,000 and $1,400 respectively.
The markets are showing no signs of a short-term bull run as the bears are comfortably in control. The altcoin and meme-coin season ended in 2021 and the markets are taking back the profits it generated.
The downturn for the last 10 months has made investors disinterested in the markets as there are more outflows than inflows.
Also Read: Joe Biden dismisses Recession rumors: Expects “very slight” economic dip
Despite US President Joe Biden repeatedly claiming that “we’re not in a recession”, the person on the streets is feeling the pinch. The US GDP turned negative for three consecutive quarters sending the economy into a technical recession.
Also, JP Morgan CEO Jamie Dimon has warned that a full-blown recession could kick in anywhere between six to nine months from today. Therefore, buying Bitcoin at $19,000 levels and Ethereum at $1,200 levels in October 2022 could prove to be a costly mistake.
The crypto market has more downturn and could face further corrections in Q4 of 2022. It is advised to wait and watch for a possible Bitcoin ‘bottoming out’ in the coming months before going all-in on BTC.
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At press time, Bitcoin was trading at $19,102 and is down 0.3% in the 24 hours day trade. BTC is also down 72.3% from its all-time high of $69,044, which it reached in November 2021.